MADISON, Wis. – The Filene Research Institute is reporting that its system-wide analytics readiness survey it conducted turned up a “surprise,” which is why it is now releasing a new report with another to follow.
In late 2021, Filene fielded the survey to baseline and benchmark the readiness and maturity of credit unions’ data analytics and business intelligence capabilities. According to Filene, the analysis surfaced six critical drivers of readiness to help credit unions make sound investments in the people, processes, and technologies of data analytics.
Surprise: ‘The Most Critical Lever Is…’
“It may come as a surprise to learn that of the six levers identified, the most critical lever to focus on to drive value from data analytics is one that is a low-cost but critical investment—changing the culture of your credit union to create a truly data-driven decision-making environment,” Filene stated. “Understanding performance in this analytical lever and related opportunities maximizes the value of this research for Filene’s survey participants.”
Filene reported the project collected more than 200 responses to the system survey, corresponding to a 4% response rate for the entire credit union system. Each participating credit union also received a personalized dashboard providing baseline information on where they stand relative to the system with respect to these analytics levers and outcomes, Filene said, adding the dashboard included recommendations on where to prioritize their first or next investments based on the survey findings.
Research Released
“Generally, the overall analytics readiness of the credit union system, as measured by the robustness of analytics levers, is limited,” Filene said, adding that in response it is releasing a series of research on analytics readiness.
The first report focused on architecture (Lever #5) has already been released: Building the Modern Credit Union Data Stack to Leverage Analytics Value, Filene reported. It said reports focused on the remaining levers will be released over the next year.
More Info at Big.Bright.Minds
In addition, Filene Fellow Cheri Speier-Pero will be closing out Filene’s annual member event, big.bright.minds., on Oct. 25 – 26 with a keynote on how credit unions can build organizational infrastructure, teams and ecosystems to better leverage data for growth.
The research has been conducted by Filene’s Center of Excellence for Data Analytics and the Future of Financial Services, which has had support from Alliant Credit Union, America First Federal Credit Union, GECU, Kinecta Federal Credit Union, Michigan State University Federal Credit Union, Teachers Credit Union, Together Credit Union, Visa and Vizo Financial Corporate Credit Union.
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